The marginal product of labor is the additional:
A. wage paid for an additional worker employed.
B. output produced by one more worker.
C. labor employed to produce one more unit of output.
D. wage paid for an additional hour of work.
Answer: B
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The government's policy of reducing payments for physicians' services has generated a relative
A) increase in the number of physicians in the program. B) reduction in the number of physicians in the program. C) reduction in the demand for medical services. D) increase in the income of the physicians remaining in the program.
Answer the following statements true (T) or false (F)
1. Forms of imperfect competition include monopoly, oligopoly, and monopolistic competition. 2. Oligopsony refers to a market in which there are a few buyers. 3. Monopsonistic competition is a market in which there are only a few sellers but each offers different conditions to sellers. 4. The rule of reason applies to antitrust activity. 5. The Clayton Act brought labor unions under the jurisdiction of the antitrust laws.
In Europe, birth rates have fallen as the stork population decreased. This is likely a. a normative statement
b. confusing correlation and causation. c. the fallacy of composition. d. all of the above
Corporations are able to raise large amounts of financial capital because
A) of the tax breaks corporations are given relative to partnerships or proprietorships. B) of the elimination of the problem of separation of ownership and control. C) of limited liability and the treatment of a corporation as an individual entity. D) of their greater ability to monitor the performance of decision makers.